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Coronavirus vaccine development can impact your wallet

News about successful clinical trials sent stock prices climbing. Not only can this help your wallet but also the economy at large.

GREENSBORO, N.C. — Hopes are rising for an end to the pandemic, as drugmakers Pfizer and Moderna indicate their vaccines will be highly effective.

When data from Pfizer's clinical trial was released, it pushed the stock market to record highs. 

Stocks involving travel and events improved, with the hope that a vaccine will let people return to those types of activities. 

RELATED: Stocks rally worldwide with hopes for a return to 'normal'

So what can this mean for your wallet? Trading smartly and pay off in the long wrong, but this isn't something to go all-in on. 

There is still a lot of uncertainty about the timeline of the vaccine and if rising coronavirus cases nationwide could lead to another shutdown. 

it can be easy to let your emotions take over during the highs and lows of the stock market, but it's important that you continue contributing to your retirement accounts. 

Consistently investing, no matter how the market performs, can curb any emotional desire to sell low and buy back later at a higher price. 

Some people may even want to consider increasing their contributions if they are financially able to right now. 

If you really can't stomach the turbulence on wall street, your risk tolerance may have changed. 

Speak with a financial professional like Scott Braddock about adjusting your plan to include more risk-appropriate investment options.